(Yicai Global) May 15 -- The People's Bank of China said on its website today that it has set up a committee to promote research and coordinated planning in the fintech field.
Fintech -- financial innovation driven by technologies -- has brought 'new vitality' into financial development, and it has posed new security challenges, the bank said. PBOC will carry out an in-depth study on the impact of fintech on monetary policy, markets, stability, and payment and settlement to develop a strategy and regulatory guidelines for China's financial technologies.
The central bank will further increase exchanges and cooperation with domestic and foreign institutions, establish and improve a financial technology innovation management mechanism, properly deal with the relationship between security and development, and promote the proper use of new technologies in the field.
PBOC will also intensify the application of RegTech (regulation technologies), using big data, artificial intelligence and cloud computing as its new tools, and improve its ability to distinguish, guard against and address cross-industry and cross-market risks.